Community Bank First Niagara: Still A Bargain?

Filed under: Stocks to Buy

The shares of community bank First Niagara Financial Group (FNFG), which I first wrote about on April 27, 2009 at a price of $13.55, have meandered for the better part of a year, but I still like company at this juncture. Here's why:



First Niagara's value proposition remains the same: a community bank with few non-performing mortgages. Its residential loan portfolio, all in-house, is performing well. Also, in the first quarter of 2010, average commercial loan balances increased at a 15% annualized rate, on solid commercial business loan growth in Upstate New York and in Western Pennsylvania. FNFG now has $20 billion in assets, $14 billion in deposits, and 255 branches.

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Community Bank First Niagara: Still A Bargain? originally appeared on BloggingStocks on Tue, 27 Apr 2010 17:30:00 EST. Please see our terms for use of feeds.

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